Oppenheimer analyst Glenn Greene reiterated a Buy rating on Fleetcor Technologies (FLT) yesterday and set a price target of $270. The company’s shares closed yesterday at $248.66, close to its 52-week high of $261.97.
Greene noted:
“FleetCor reported solid 1Q19 results with organic revenue growth of 10.5% to $622M (vs. our $610M estimate). Fuel card growth accelerated to 9.5% (ex Chevron drag); better than we expected, and should remain at similar level throughout CY19. The strategic non-fuel businesses, Lodging, grew organically 18%, 15%, and 6% (or 18% ex FEMA grow-over), respectively. Reflecting upside quarter, and despite modest M&A dilution and higher share-count, FLT raised its FY19 guide, reflecting $11.62 mid-point EPS (up $0.07) and 9-11% organic revenue growth (unchanged). With shares trading at ~18.5x our revised FY20E, likely sustained HSD organic growth, business mix improving, and significant capital flexibility (M&A and/or repurchases), shares appear highly attractive to us. Reiterate Outperform rating and raise PT to $270.”
According to TipRanks.com, Greene is a top 25 analyst with an average return of 19.9% and a 85.1% success rate. Greene covers the Technology sector, focusing on stocks such as Jack Henry & Associates, Fidelity National Info, and Total System Services.
Fleetcor Technologies has an analyst consensus of Strong Buy, with a price target consensus of $261.57.
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The company has a one-year high of $261.97 and a one-year low of $172.18. Currently, Fleetcor Technologies has an average volume of 554.3K.
Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FLT in relation to earlier this year. Last month, Ronald Clarke, the CEO & Chairman of BOD of FLT bought 75,000 shares for a total of $750,000.
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FleetCor Technologies, Inc. is a global provider of commercial payment solutions. It provides fuel cards, commercial payment and data solutions, stored value solutions, and workforce payment products and services to businesses, commercial fleets, major oil companies, petroleum marketers and government entities.
